The morning news. [volume] (Savannah, Ga.) 1887-1900, 1887-08-28
Wall Street Influence.

The moral influence of Wall street reaches
every part of the country, and it is bad.
Whether it is worse than it was a dozen
years ago is a question not easily answered.
1t is generally believed, however. that it is
There are, Of course, good men in Wall
street-men who would not do a mean nor
dishonest act, but it is doubtful IL the num-
Der is large enough to have an appre-
ciable effect upon the moral standard of the
place.
The number of dishonest failures does not
furnish the only, or the best data upon which
TO base an opinion of Wall streets morality.
There may be but few failures that show
crooked dealings in the course of a year,
and these may not involve directly more
than dozen people. A better idea of Wall
streets morals is obtained, from observing
how men of shady regulations, who have
acquired wealth, are treated. II a man
have wealth he is pretty sure of a hearty
reception, however bad his reputation for
honesty may be. Bankers and brokers will
make much of him as long as they think
association with him can be rendered profit
able. They will not stop to inquire how he
ings that he gets it as a thief gets what he
disposes of to the junk shops and 'fences,"
they will assist in hushing them up.
How was it in the case of Ives? Only a
little more than a year ago Broker Doremus
was shut out of the Stock Exchange for
having business relations with him. He was
caught in disreputable transaction, and
was looked upon as black sheep. 1t soon
became noised about, however, that
Ives was getting ahead in the
world, and that he had some
choice collaterals to dispose of at prices
which left a handsome margin for profit.
Broker Doremus was restored to his place
in the Exchange, and Ives was offered the
hand of friendship and declared to be very
good fellow, who had been shamefully treat
ed. Ives had collaterals. and plenty of
them, but where did he get them9 Did the
eager bankers who took them inquired They
must have known that Ives did not come
by them honestly. They. are shrewd men,
and could have reached no other conclusion,
if they had cared to think about the matter
at all, than that he could not have legally
accumulated so many millions of securities
in so short a time. They asked no Questions,
however, because they didn't care where he
got them.
Again these same bankers and brokers
will undertake to float bonds and stocks
which they know will, in year or two, be
comparatively worthless They are aware
of the arrangement by which two or three
dividends are to be paid in order to induce
the public to purchase the securities, but
they don't make it known. They take the
money of their victims with as much readi-
ness as if they were doing perfectly honest
business. Perhaps such business is con-
sidered honest in Wall street.
The reports of the quick fortunes made in
Wall street spread all over the country, and
their effect is very demoralizing. Young
men, and even old ones, send their savings
there to be invested and are made penniless
The doubtful business transactions which
take place there, and which frequently reach
the public, lead business men in distant
cities to attempt similar transactions. The
result, as general thing, is that fortunes
and regulations are wrecked No one can
doubt who studies the matter thoroughly
that Wan streets influence is bad